Unpacking the Latest Options Trading Trends in Cleveland-Cliffs
Portfolio Pulse from Benzinga Insights
Recent options trading activity indicates a bearish stance on Cleveland-Cliffs (NYSE:CLF) by big-money investors, with a split sentiment of 40% bullish and 60% bearish. The trading involved 10 unusual options trades, with 7 puts and 3 calls, targeting a price range of $16.0 to $26.5. The largest trades include a bearish put for a strike price of $22.00 expiring on 06/20/25 and a bullish call for a strike price of $17.00 expiring on 01/17/25. Cleveland-Cliffs is a major steel producer and iron ore pellet manufacturer in North America, with the majority of its revenue from the U.S. The company's stock is currently down by -1.48%, trading at $16.65, and may be considered oversold based on RSI indicators.
May 01, 2024 | 3:32 pm
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Recent options trading activity suggests a bearish outlook on Cleveland-Cliffs, with a significant volume of puts over calls and a target price range of $16.0 to $26.5.
The bearish sentiment, indicated by the higher volume of puts and the specific targeting of a price range below the current stock price, suggests that investors are expecting a decline in CLF's stock price. This could lead to short-term downward pressure on the stock. The detailed options activity, including significant trades and the overall bearish sentiment, underscores the potential impact on CLF's short-term price movement.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100